Koopmans Recursive Preferences and Income Convergence.
Stiglitz (Econometrica 37 (1969) 382) shows income convergence in a many-agent Solow growth model with integrated capital markets (ICM). The many-agent Ramsey model (MARM) without ICM also gives income convergence. With a MARM, equal discount rates, and ICM, convergence of incomes (as opposed to pro...
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| Format: | Journal article |
| Language: | English |
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Elsevier
2004
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